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Manulife Names Philip Witherington As CFO; Announces Other Leadership Changes

Canadian insurer Manulife Financial Corp. (MFC,MFC.TO) announced several structural and leadership changes to drive better alignment with its strategic priorities, accelerate the company's growth, optimize legacy blocks of business in North America and leverage its talent across geographies.

Manulife said it is creating stronger global alignment and direct accountability for all of its wealth and asset management businesses by bringing them together into a primary reporting segment, Global Wealth and Asset Management.

The company has appointed Paul Lorentz as Head, Global Wealth and Asset Management. The appointment of Lorentz, who joined Manulife in 1993, is effective October 1, 2017, and he will report to Warren Thomson, Manulife's Chief Investment Officer.

Kai Sotorp, Head, Global Wealth and Asset Management, has decided to retire. Sotorp joined Manulife in 2014. He will work with Lorentz over the next three months to help ensure a smooth transition.

Manulife said it has created a dedicated senior leadership role with direct responsibility for Manulife's closed legacy businesses in North America. These important operations include the company's legacy annuity business, long-term care insurance and select long-duration, guaranteed insurance products.

Naveed Irshad has been appointed Head, North America Legacy Business, effective January 1, 2018. He currently serves as the CEO of Manulife Singapore and his career with Manulife spans 20 years.

Anil Wadhwani has been appointed President and CEO of Manulife Asia, effective November 13, 2017. He has spent a 25-year career with Citi.

Further, the company named Marianne Harrison as President and CEO of John Hancock, Manulife's U.S. business, effective October 1, 2017. She currently serves as President and CEO of Manulife Canada.

Michael Doughty has been appointed President and CEO of Manulife Canada, also effective October 1, 2017. Doughty has served as the interim President and CEO of John Hancock since May, and, prior to that, led John Hancock Insurance.

Steve Roder, Manulife's Chief Financial Officer, has decided to retire for personal reasons, effective December 31, 2017. Philip Witherington, currently the interim President and CEO of Manulife Asia, has been appointed Manulife's Chief Financial Officer, effective January 1, 2018, subject to immigration approvals.

Manulife said it has also made the decision to elevate the role of Chief Actuary to reflect the importance of this function to the company's success. As a result, Steven Finch, Manulife's Chief Actuary, will report directly to Roy Gori, Manulife's President and incoming Chief Executive Officer, effective January 1, 2018.

by RTTNews Staff Writer

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